Bafna Pharmaceuticals Ltd, a multi-product pharmaceutical formulations company in diverse therapeutic segments, has received Medicines and Health Care Products Regulatory Agency (MHRA) approval for its facility meant for exports to the UK markets and European Union.
The approval will make Bafna's entry into regulated markets of Europe and UK. Bafna has become only the 36th company in the Indian Pharmaceuticals Industry (IPI) to receive UK MHRA approval. Bafna Pharmaceuticals will be able to look at expanding not only to the European Union market but also even to other regulated markets.
The company has recently, came up with an IPO and one of the objects of the issue was to part finance the cost of obtaining UK MHRA approval for it's newly set up Grantlayon plant facility in Chennai, which is a 100 percent EoU being made to cater to regulated markets only.
Bafna Mahaveer Chand, chairman and managing director of the company, said that accreditation as a long term strategy, would highlight our foray into regulated markets of UK and Europe. These markets offer much better margins when compared to other markets. UK MHRA has been a direct way for us to access these markets, which have huge generics opportunities. The UK MHRA certification will help Bafna expand in regulated markets of the UK.